Drudge Retort: The Other Side of the News

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Sunday, August 18, 2019

President Donald Trump drew so much attention this past week on matters ranging from wanting to buy Greenland to a supporter's weight problems, that it was easy to miss some of his more stinging remarks on trade. read more

White House trade adviser Peter Navarro said on CNN's "State of the Union" Sunday that tariffs on Chinese goods are not hurting consumers in the United States, despite reports to the contrary from researchers at Harvard, the University of Chicago, the International Monetary Fund, the Federal Reserve of Boston and more....

Why it matters: The Trump administration announced last week that the impending 10% tariffs on $300 billion worth of Chinese imports would be delayed from Sept. 1 to Dec. 15 for certain products. Trump and other aides explained that the delay is intended to help consumers who might be affected by tariffs during the holiday season " suggesting that the administration does, in fact, agree with experts that the trade war is harming Americans.

Nearly a dozen men with ties to Boys & Girls Clubs who are accused of sexual abuse against children were also in positions of leadership within religious communities, a Hearst Connecticut Media investigation found. The Hearst investigation revealed allegations as far back as the 1960s and as recently as 2016. They vary by both religious affiliation and club involvement, and they span the nation.

Saturday, August 17, 2019

Lamplighter: Droogie decided his new vanity plate should read "NULL." ... Droogie's hope was that the new plate would exploit California's DMV ticketing system in a similar manner to the classic xkcd "Bobby Tables" cartoon. With any luck, the DMV's ticket database would see "NULL" and consign any of his tickets to the void. Unfortunately, the exact opposite happened. read more

Republicans and independents are losing faith in the economy at the steepest rates of Donald Trump's presidency, signaling more trouble for his efforts to make economic growth a centerpiece of his re-election campaign. read more


Trump in Tweet Says U.S. Doing Well With China, and Is Talking

...President Donald Trump said the U.S. is "doing very well with China, and talking!" in a Twitter message sent hours after his top economic adviser laid out a potential timeline for the resumption of substantive trade talks with Beijing.

Trump, who's expected to return to Washington later on Sunday from his golf club in Bedminster, New Jersey, hasn't commented further....

The question might become - can the US avoid a recession while the rest of the world experiences one?

Global economy is probably in recession

...The global economy is probably in recession, with most cyclical indicators showing business activity is flat or falling.

Recessions become obvious only once they are well established given the lagging nature of most economic data.

And end-of-cycle recessions are usually impossible to distinguish from mid-cycle slowdowns until well after the slowdown has started.

The arrival of a recession is always controversial at the time and usually missed by most forecasters, as the leading business-cycle ec...

But almost all the main economic and industrial indicators that provide a reliable guide to the business cycle confirm the economy has already slowed severely.

Global manufacturing surveys, industrial output, new orders, business investment, construction activity, motor vehicle production and freight volumes are flat or down compared with a year earlier.

The most comprehensive numbers show manufacturing production and trade flows were essentially flat in May compared with a year before.

More recent data from purchasing surveys and industrial production indicates the slowdown worsened in June and July.

By most measures, the global economy is in the midst of the deepest slowdown since 2015, and in many cases since 2009. ...

Office of the US Trade Representative

...U.S. goods and services trade with the EU totaled nearly $1.3 trillion in 2018. Exports totaled $575 billion; Imports totaled $684 billion. The U.S. goods and services trade deficit with the EU was $109 billion in 2018.

The United States had a $807 billion in total (two ways) goods trade with European Union countries during 2018. Goods exports totaled $319 billion; goods imports totaled $488 billion. The U.S. goods trade deficit with European Union countries was $169 billion in 2018.

Trade in services with the EU (exports and imports) totaled an estimated $452 billion in 2018. Services exports were $256 billion; Services imports were $196 billion. The U.S. services trade surplus with the EU was $60 billion in 2018.

According to the Department of Commerce, U.S. exports of Goods and Services to the EU supported an estimated 2.6 million in jobs in 2015 (latest data available) (1.2 million supported by goods exports and 1.4 million supported by services)....

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